Canadian Manufacturing

PPG buying Comex for US$2.3B, boosting Latin American presence

Pittsburgh-based PPG looking to bolster architectural coatings presence in Mexico, Central America

July 2, 2014  by The Associated Press

PITTSBURGH—Paint and coatings maker PPG Industries is buying Consorcio Comex SA de CV for US$2.3 billion to help bolster its architectural coatings presence in Mexico and Central America.

Comex makes coatings and related products in Mexico and sells them in Mexico and Central America.

Pittsburgh-based PPG makes coatings, specialty materials and glass products.

Privately held Comex, based in Mexico City, had 2013 sales of about US$1 billion.


Its brands include Effex, Texturi and its namesake.

Comex has eight manufacturing plants and six distribution centres.

PPG plans to fund the transaction mostly with available cash and short-term investments, but may fund part of the acquisition with the addition of debt.

The deal is expected to immediately add to PPG’s earnings, excluding one-time acquisition-related costs.

The transaction may take four to six months to complete.

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